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Videgaray: no VAT increase, lower gas prices

Mexico City, Mexico – The price of gasoline will decrease beginning next January as the result of the government’s proposal to initiate a gradual liberalization of the domestic fuel market in 2016.

Luis Videgaray Caso, Secretary of Finance and Public Credit (SHCP), described a complex international environment marked by volatile financial markets. He called on congress to not introduce additional taxes on food and medicine in the new year, but instead, to raise the tax on profits of enterprises and income of those people.

“With the liberalization measure proposed by the Federal Executive, the price of gasoline is expected to see a decrease in January 2016,” said Videgaray.

In his initial message, which was delivered before the different political parties on economic policy, Videgaray said to preserve economic stability in the current context of global uncertainty requires you act responsibly. He said that next year, the government will incur a greater public deficit and propose either new taxes or increase existing ones.

Videgaray added, “We urge congress not to raise taxes, not to establish value added tax on food and medicine, but to consider the income tax levied on corporate profits and personal income.”

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